Caritas Communities Buys Quincy Multifamily; Adding 17 Units To Deeply Affordable PortfolioSeptember 27, 2022
QUINCY — Caritas Communities, the independent, nonprofit provider of low-income housing and services, has purchased 46 Winter St. in Quincy, MA, for $915,000 - adding the 17-unit single-room-occupancy residence to its existing portfolio of 33 residences in the Greater Boston area that house more than 1,000 single men and women.
According to a release, this is the fourth ‘deeply’ affordable property in Quincy owned and operated by Caritas, including 8 Mechanic St., 50-52 Spear St., and 54-56 Spear St.
The purchase was made possible by the Housing Pursuit Fund, created through donations matched one-to-one by Linda Thornhill McLaughlin, originally from Quincy, and Bill McLaughlin, a Caritas Communities Board member. The fund provides the financial resources needed for Caritas to respond quickly to competitive market opportunities.
“As someone raised in Quincy, I am proud that we can preserve this housing for low-income residents,” said Karin (Wilcox) Cassel Mitterando, Executive Director of Caritas Communities. “This home is in an area surrounded by condominium developments, and the current residents feared that they would be left homeless once the property sold. This purchase aligns with our mission to prevent homelessness and improve the lives of individuals living in poverty.
The seller was John and Susan Grazer, represented by Kirsten McEleney of Advisors Living, the residential sales platform of Boston Realty Advisors, the largest independent real estate brokerage in Massachusetts. The price was $915,000.
The property contains 17 single-room-occupancy units with shared kitchen, bathrooms, and laundry facilities. Caritas plans to make upgrades to the property, to increase shared facilities and improve quality of life for the residents.
Ownership by Caritas will also offer the deeply low-income residents access to their robust supportive services program, which helps residents navigate community resources such as access to health care, employment, nutrition, and more.
Greg Rittchen, Director of Real Estate Assets at Caritas Communities, who negotiated the purchase, said, “Caritas couldn’t be more excited to announce this acquisition. The property isn’t big, but the win for the mission is.”
“We are happy to lend our resources to this project,” said Pat Callahan, President of Callahan Construction Managers. “Caritas does important work for economically disadvantaged people in Quincy and Greater Boston, and Callahan is proud to be a part of it.”
Michelle Volpe, President of The Property & Casualty Initiative, LLC, which was Caritas Communities’ lender, said, “PCI is very pleased to continue its longstanding partnership with Caritas Communities, supporting their vitally important work creating and preserving housing that is affordable to those most vulnerable of being unhoused. 46 Winter Street is a superb example of Caritas Communities’ vision of improving housing security and quality and minimizing displacement. “
McEleny, a broker with Advisors Living, said, “I am on the Young Leader’s Committee with Caritas Communities, so am very familiar with the outstanding work they do in the community. When I saw this property, I knew it would be a great fit for their mission.”
Caritas Communities is holding its annual fundraising gala on Nov. 10, 2022, at the Westin Boston Seaport District hotel, an annual event and the first Caritas gala in person since 2019. For more information, please go to: https://caritascommunities.org/support-us/37th-annual-gala/